Support 1: 23.79                     Resistance 1: 24.70

                                                   Resistance 2: 26.16

United Overseas Bank bearish momentum has come to a halt with the latest break out on 3^rd June 2019 with a piercing line candlestick pattern. This pattern was further confirmed by the strong bullish candle on 4^th June 2019. The combination of the three candlestick formation further echoes the bullish sentiment of the stock.

Furthermore, the stochastic oscillators have shown signs of bearish exhaustion when the K and D line crosses in the oversold zone.

However, the bullish sentiment may be short-lived as the stock has shown a significant supply selling zone near 25.00, a crucial price level to determine the next long term market direction.

Should the stock breaks 25.00, we will see the next immediate target of 26.16.

*Should the stock break and closes below the support level 1 for two consecutive periods, the market sentiment will resume its bearish outlook.

CHART LEGENDS

Red dotted line = 200 period moving average

Blue dotted line = 50 period moving average